The BRICS economic alliance is planning a remarkable $13.5 billion oil investment, according to reports from the Financial Times. Indeed, the investment will include the United Arab Emirates (UAE), one of the five nations that joined the bloc in its expansion efforts last year.
The country is set to invest the funds in Brazil, with the majority of them entering the biofuel sector. However, this occurrence is set to be part of a much larger investment strategy. Indeed, there are plans for a new stock exchange to be set up in the country.
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BRICS Announces Massive $13.5 Oil Investment
For much of the last year, the BRICS economic alliance has continued to establish itself. Specifically, the bloc has affirmed its desire and capability to build a multipolar world. Moreover, it has consistently sought new ways to increase its relevance and prominence over the last several months.
This has primarily come through its de-dollarization initiatives and continued efforts for expansion. The latter has proven to be immensely successful. During the bloc’s 2023 annual summit, it welcomed five nations through invitation. These included Saudi Arabia, the UAE, Iran, Egypt, and Ethiopia.
Now, one of those nations is at the forefront of a brand new investment plan. Specifically, BRICS is planning a $13.5 billion oil investment that should be massively important to strengthening its most fortified sector.
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The UAE is planning to invest the funds in Brazil, with a focus on the biofuel market. Moreover, the report notes that it is the beginning of a growing investment strategy between the two countries.
Ultimately, the relations could culminate in the building of a new stock exchange in Brazil, the report notes. Conversely, the ongoing relationship will be built on both nations’ strengths, with Brazil’s agricultural strength benefiting the UAE’s oil and vice versa.
Overall, this should only aid the continued BRICS efforts and showcase the benefits of expansion. The bloc welcomed the UAE in its first expansion effort since 2001. It is likely to continue that in 2024, with a number of countries lining up to join the collective.